What the newspapers say: September 24, 2007

Newspapers on Monday read about Sorin Ovidiu Vantu, a controversial Romanian businessman and his involvement in the new private pension funds.

Also in business, another paper reads about the “minute-made” buildings with minimum investments but maximum profits.

Elsewhere in the papers, European Popular Party head Joseph Daul talks about Romania’s interest in the upcoming European elections.

Evenimentul Zilei reads about the new private pension’s scheme that attracts investors and businessmen on the open market. One of them, Sorin Ovidiu Vantu, with an outstanding financial power is said to get indirectly involved in a pensions fund.

His name is well feared by Romanians after years ago, thousands of people lost the money invested in an investment fund created by him.

The newspaper reveals that Vantu is involved in the pensions market under the umbrella of MKB Romexterra Fond de Pensii which deals with the mandatory private pensions that have been recently introduced in Romania. However, the business is about to thrive and get involved in those optional private pension schemes.

MKB Romexterra Fond de Pensii is the private pensions fund of the alliance between the Hungarian bank MKB Romexterra (which holds 60% of the new society) and Delta Asigurari with 40%.

Evenimentul Zilei reads that Sorin Ovidiu Vantu stands behind Delta Asigurari even if legally under the control of one of his trustees.

MKB Fond de Pensii director Enache Jiru told the paper that the small investments funds are meant to join or be taken over by the big ones within a few years.

Therefore, the newspaper argues that given Sorin Ovidiu Vantu’s financial past, the fund is highly improbable to take an important part of the market.

More in the newspapers, Gandul reads about the “minute-made” blocks of flats across Romanian capital Bucharest, often built illegally in expensive and central areas by investors aiming at high profits.

The paper reads about the local administration’s incapability to control their areas. Moreover, public agents respond eagerly to small bribes from the investors thus facilitating illegal activities.

French urban experts draw attention to the local authorities in the hope that something will change.

The "instant" buildings in Bucharest are on the one hand dangerous since they do not respect all requirements and, on the pother hand are destroying the local urbanisation plans. Since investors first build and then ask for authorization, experts say there is nothing much to be done.

Plus, public agents happily take bribes rather than resolve issues legally, according to the newspapers.

Last but not least, in politics, Joseph Gaul, head of the European Popular Party tells Romania Libera about the importance and stakes of the European elections which are first due to be held in Romania this autumn.

Gaul argues that Romania needs to send real experts and professionals at the European Parliament since budget allocations and other benefits need to be lobbied for.

Moreover, the EPP President blames the government for the corruption cases and the incapacity to integrate the European money in viable and useful projects for the population.

Romanian officials, Gaul says, need to counter corruption cases and divert the money towards the infrastructure, to peasants and projects bettering their life.

Gaul is another former supporter of the former Justice Minister, Monica Macovei and he criticizes the new problems the Justice Ministry has been dealing with since she was removed from the government in spring.